What's up with people having 84 month long car loans?

[13 others]

Building wealth for retirement is still saving for something that is later. If you had a father who was dying at 45 and been saving all his money each paycheck without luxury vacations or items he wanted but didnt need, then your story would be different.

Not poking you personally- my point is merely that those here calling people 'idiots' are being a bit closed minded to the various amount of situations where realistically it would be better to splurge some.

With my own kids I will be raising them to be independent and self reliant as possible- if there is any more for me to give to them when they reach adulthood I will help, but I sure as fuck won't be spilling any tears because I can't buy them a car or something, they can go out and earn it like I did.

It's all good, I enjoy the discussion. It seems like you're associating spending money with happiness? I don't neccesarily need to spend to be happy, in fact I don't at all. Obviously life costs $ but my best memories are not associated with purchases or things I spent money on. So I don't see why someone would regret dieing young with solid investments and smart financial decisions? If you're happiness relies on spending $ then I guess it's a different story.

 

[BillytheFish]

It's all good, I enjoy the discussion. It seems like you're associating spending money with happiness? I don't neccesarily need to spend to be happy, in fact I don't at all. Obviously life costs $ but my best memories are not associated with purchases or things I spent money on. So I don't see why someone would regret dieing young with solid investments and smart financial decisions? If you're happiness relies on spending $ then I guess it's a different story.

It isn't necessarily that money buys happiness, but it can help pay for experiences which in turn lend themself to happiness. Some of my best memories are on expensive holidays with a bunch of friends doing crazy shit like renting small boats and motorcycles on the same day etc. It wasn't that those items brought happiness, but they helped create an experience that is much more memorable than say, sitting in my friend's living room.

I think regret is totally subjective. I don't want my last meal before I get some horrible disease to be something healthy and low in calories, yet there are people out there who would have no regrets because being a super fit and healthy human year round is what they enjoy in life.

Of course there are total idiots who buy the newest phone, newest clothes, newest 'x'...but splurging isn't always the stupid thing to do if the intentions are good

 

[TardStrong]

Nope, he was working in Iraq. There are plenty of situations where it is better to 'live in the now' versus planning for your retirement when you are 28

Building wealth for retirement is still saving for something that is later. If you had a father who was dying at 45 and been saving all his money each paycheck without luxury vacations or items he wanted but didnt need, then your story would be different.

Not poking you personally- my point is merely that those here calling people 'idiots' are being a bit closed minded to the various amount of situations where realistically it would be better to splurge some.

With my own kids I will be raising them to be independent and self reliant as possible- if there is any more for me to give to them when they reach adulthood I will help, but I sure as fuck won't be spilling any tears because I can't buy them a car or something, they can go out and earn it like I did.

If you need a luxury car to feel good about yourself or your life then yes your are indeed an idiot. Sounds like your buddy was passionate about that gtr, I have no problem with that

Building wealth for retirement is still saving for something that is later. If you had a father who was dying at 45 and been saving all his money each paycheck without luxury vacations or items he wanted but didnt need, then your story would be different.

Not poking you personally- my point is merely that those here calling people 'idiots' are being a bit closed minded to the various amount of situations where realistically it would be better to splurge some.

With my own kids I will be raising them to be independent and self reliant as possible- if there is any more for me to give to them when they reach adulthood I will help, but I sure as fuck won't be spilling any tears because I can't buy them a car or something, they can go out and earn it like I did.

I bought 2 new ducatis and lost money on both of them so yeah I was an idiot. Would I do it again? Yes because I was living life and it was fun. It cost money to live life. Making a bad financial decision on a car or motorcycle is an idiot move always but sometimes you have to be an idiot. If you have to, pay cash so you are less of an idiot

 

[BillytheFish]

If you need a luxury car to feel good about yourself or your life then yes your are indeed an idiot. Sounds like your buddy was passionate about that gtr, I have no problem with that


I bought 2 new ducatis and lost money on both of them so yeah I was an idiot. Would I do it again? Yes because I was living life and it was fun. It cost money to live life. Making a bad financial decision on a car or motorcycle is an idiot move always but sometimes you have to be an idiot. If you have to, pay cash so you are less of an idiot

you seem to be throwing the word idiot around alot...i think you are meaning to say FINANCIALLY it is a stupid move. It doesn't by any stretch mean a person is an idiot for paying for things they find fun.

He was working in iraq in a place where it was fairly frequent to get blown up and die. Now you could argue it is potentially idiotic to work in that profession! So it was a combination of things in his life: working in a hostile environment, went through a divorce after not having any 'cool' shit, and having a passion for cars.

 

[TardStrong]

Have a gander here, everybody is getting a car. The economy is booming!!!

 

[TardStrong]

 

[Jumpy]

Now I don't feel so bad when I go a week without paying my car note...

Still, it will be paid off in a year. And as a 2014 Corolla, this fucker is gonna last me a long while

 

[D3thr0n3d K1ng]

Sounds like ts hates capitalism.

 

[13 others]

It isn't necessarily that money buys happiness, but it can help pay for experiences which in turn lend themself to happiness. Some of my best memories are on expensive holidays with a bunch of friends doing crazy shit like renting small boats and motorcycles on the same day etc. It wasn't that those items brought happiness, but they helped create an experience that is much more memorable than say, sitting in my friend's living room.

I think regret is totally subjective. I don't want my last meal before I get some horrible disease to be something healthy and low in calories, yet there are people out there who would have no regrets because being a super fit and healthy human year round is what they enjoy in life.

Of course there are total idiots who buy the newest phone, newest clothes, newest 'x'...but splurging isn't always the stupid thing to do if the intentions are good

I agree with everything you said there. I definitely think that spending x amount of dollars in your twenties to go on a trip beats doing it at 65. For sure. You can splurge and be financially responsible but at the end of the day, if you don't give a fuck about all that then you're right, it doesn't matter. You very well could be dead tomorrow.

 

[Carl Sonnen]

"There's a sucker born every minute." - Kenny Florian

 

[AGGAMEMNON66]

Everyone thinks they're entitled to having nice shit without actually doing anything to deserve it and creditors will make that dream come true for the small price of enslaving yourself to them for years or possibly the rest of your life.

True, for the most part.

 

[BillytheFish]

I agree with everything you said there. I definitely think that spending x amount of dollars in your twenties to go on a trip beats doing it at 65. For sure. You can splurge and be financially responsible but at the end of the day, if you don't give a fuck about all that then you're right, it doesn't matter. You very well could be dead tomorrow.

I've tried to find balance, but here is my situation. I have more than a few friends who own more than 5 homes, yet I am renting mine lol. My finances have went on 50% fun and 50% sensible stuff. I put my wife through her Master's and now I'm doing my Bachelor's while not having to work. So we own all our vehicles, have nice shit, have nice little vacations, but also have qualifications etc.

I'm not jealous of my now wealthier friends at all, I am happy for them. But for 10 years they barely had a vacation, and worked their asses of to have a nice life now they are older. On the other hand I had tons of fun, doing fun shit...but now I am not wealth. IN B4 'YOU SOUND POOR'

Just depends on one's priorities in life I thinks

 

[Otto!]

Some people just can’t handle personal finances. I know some people who would be broke quickly even if they were to win the lottery.

 

[EvilDDS]

It's crazy. A lot of people have this and they end up in an upside down loan after 5 years max. When did people become so bad with finances? Everyone is up to their eyeballs in debt and they don't know why. Living in an apartment and driving a Benz <45>

I didn't even know they do terms this long. wow. the longest I've ever gone was 4 years. And i want to get a new car after 4 years.

 

[bigkick]

I think it's wrong that people are more or less tricked into parting with so much of their money. But life sucks and then you die, so why not?

 

[MassDistortion]

I drive past a trailer park on my way to work everyday and you should see the high end cars parked in the driveways. I also work uber eats to pay off my car and apartment complexes are full of expensive cars. priorities. "I can't afford to feed myself or my kids but atleast I look wealthy when I'm driving my car around."

 

[kahiljabroni]

Debt free is the way to be. I have a paid off car with 25k miles on it...I could easily not have a car payment for the next 10-15 years if I want.

I really don't care about consumer shit...it doesn't make me happier. Driving an expensive car gives me anxiety because I have to stress where I park and getting dinged. Idgaf about latest phones. .they all go to same Internet. Max out retirement while still living comfortably ftw.

 

[compressed]

My parents are broke/in debt who had a 900$ a month lease on a Lexus that expired. They needed a replacement car and I offered to buy them a used Lexus in cash so they wouldn't have to go into more debt and financing. Guess what they did? They went and financed a CPO Nissan for 18k for the next five years with $1,200 down payment. Poor people want to stay poor.

 

[jlagman]

At what interest rate?

I've yet to hear of a good APR when your term is that long.

 

[jlagman]

Yes. It also seems to be because of a lack of financial knowledge. People don't realize how much wealth you could build in your lifetime if your simply invested those car payments into anything with a decent steady return of 5% or higher of compound interest. I know of quite a few people who had a year left of car payments and they traded in ther vehicle for something brand new worth 40k or more.. lol? It just makes no sense.

Guilty, while I don't regret it yet, I'm currently house hunting and my remaining car payments will make my next two years pretty tight. I still love my car, it's fun, but it's also impractical and ultimately a depreciating asset. I want this to be the last vehicle I finance, I'll try to buy used, in cash from now on.